The altcoin market’s rebound had been temporarily halted by small sell-offs, but it was now on the mend. They’re starting to revert to their previous trend, which means they’re all moving back up from below their mid-ranges, which is positive. The bulls must step up in the next few days and propel BTC over the $33,000 levels to re-energize the broader market. 

Terra (LUNA) Price Forecast

The LUNA coin is now trading with a strong positive trend. Surprisingly, among the top 30 cryptocurrencies, Terra (LUNA), a blockchain platform that uses dollar-pegged stablecoins to enable payment services, was the sole coin in the green.

LUNA has currently broken through the $7 resistance. It has climbed by 10.8% percent in the last 24 hours, making it a particularly volatile stock. LUNA is currently trading at $8.26 as of this writing. We can expect the price to rise because the indicators have exhibited optimistic signals. 

On the upside, the first major resistance is at $8.65, after which the gates open for $9.28 and $10.30. On the downside, the first major support is at $6.99, and the second major support is at 5.97. 

After a rapid recovery over the weekly chart, the Relative Strength Index (RSI) for Terra currency is again approaching the overbought zone.

Crypto Kaleo, a pseudonymous analyst, was already positive on LUNA when he posted his technical analysis for the coin, telling his 331.4k followers that the chart was bullish and beautiful.

Let’s take another look at the big picture. The price is currently at resistance from range highs. I expect consolidation above the range breakout in the $8-$9 range before it really gets going.Double digits and return back to Spring highs aren’t as far away as you think

Kaleo adds that the LUNA/BTC pair is ready to send. Making a long-awaited move up to all-time highs as well.

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Source: https://coinpedia.org/altcoin/terra-luna-price-is-ready-to-take-off/